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Registration number: 09423994

Jessica Tsang Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Jessica Tsang Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

Jessica Tsang Limited

Company Information

Director

J Tsang

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Jessica Tsang Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

74

148

Current assets

 

Debtors

6

224

734

Cash at bank and in hand

 

966

1,022

 

1,190

1,756

Creditors: Amounts falling due within one year

7

(82,861)

(81,559)

Net current liabilities

 

(81,671)

(79,803)

Net liabilities

 

(81,597)

(79,655)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(81,598)

(79,656)

Shareholders' deficit

 

(81,597)

(79,655)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 21 February 2024
 

.........................................

J Tsang

Director

Company registration number: 09423994

 

Jessica Tsang Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the provision of design-related consultancy services.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company had net liabilities at 31 December 2023 of £81,597. At that date an amount of £81,421 was due to the director who has agreed she will not call for repayment until such time as the company has sufficient working capital and has agreed to provide further working capital if required in the foreseeable future.

The company has few fixed overheads and the director is able to exert control over these costs. After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for provision of consultancy services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, rebates and discounts. The company recognises turnover from services over the period the services are delivered.

 

Jessica Tsang Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% straight line

Intangible assets

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Jessica Tsang Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Intangible assets

Trademarks
£

Total
£

Cost or valuation

At 1 January 2023 and 31 December 2023

740

740

Amortisation

At 1 January 2023

592

592

Amortisation charge

74

74

At 31 December 2023

666

666

Carrying amount

At 31 December 2023

74

74

At 31 December 2022

148

148

5

Tangible assets

Office Equipment
£

Total
£

Cost or valuation

At 1 January 2023 and 31 December 2023

2,092

2,092

Depreciation

At 1 January 2023 and 31 December 2023

2,092

2,092

Carrying amount

At 1 January 2023 and 31 December 2023

-

-

 

Jessica Tsang Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Other debtors

224

734

224

734

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

-

510

Other creditors

82,861

81,049

82,861

81,559